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AmeriDream Charity Program - Down Payment Assistance for an FHA Mortgage
Purchasing a Home > AmeriDream Charity Program - Down Payment Assistance for an FHA Mortgage
Buying a home is the American dream. Unfortunately many families have restrictive financial situations that make the dream seem impossible to realize. If conventional loan standards are difficult for you to meet, a great program to try is the Federal Housing Administration (FHA) mortgage loan. This is a government-secured loan that makes it much easier for you to qualify for a home loan.
Even with an FHA mortgage though, you will have to pay at least a 3% down payment. If you donít have the personal resources to make that couple thousand dollar payment, there are loan-saving non-profit organizations out there dedicated to helping you get the money you need for your down payment. One of these great companies is AmeriDream, Inc.
According to the AmeriDream website, the organizationís mission is ďto expand affordable housing opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity.Ē To fulfill this mission, the company has created the AmeriDream Down Payment Gift Program, a plan that provides low to moderate-income homebuyers with funds up to 10% of the home sale price, to be put toward down payments and closing costs.
The great thing about this program is that if you qualify, the funds are truly a gift to you; you do not need to repay anything. The only stipulation is that you return any unused funds from the down payment, closing costs, or if the sale fails to close.
While there are not too many requirements for participation in the program, you must have selected a home that is within conventional price standards of $417,000. That is a basic rule of FHA mortgage loans as well though.
Another requirement is that you take part in AmeriDreamís Homebuyer Education course. This class can be taken online or in a classroom setting, and includes information and training in things like how to get pre-approved for a loan and how to select a real estate agent. You will also get an analysis of your credit score as well as an estimate of how much you can afford to spend on a home. You will be educated about the different types of loans available and what the house sale settlement and closing will involve. The cost for the course is absolutely nothing.
Once you have taken the course, found an FHA mortgage lender that allows down payment gifts, have been approved, and contracted with a seller to buy a home, your lender will take care of the necessary AmeriDream paperwork for you. Once the processing is complete, the gift money will be deposited to the title or escrow company handling your home purchase. It is really that simple!
An FHA mortgage can be a great way to get into a home, whether it is your first time or even your last time. AmeriDream can help you seal the home buying deal by providing you with the needed down payment and closing costs.